证券时报e公司讯，据恺英网络微信公众号消息，11月1日晚间，国家互联网信息办公室公开发布第八批 境内深度合成服务算法备案信息，恺英网络子公司上海恺英软件技术有限公司研发的恺英智能NPC文本 生成算法通过审核，获批备案编号。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company has shown robust revenue and profit growth in Q3 2024, achieving revenue of 1.372 billion yuan, a year-on-year increase of 30.33%, and a net profit of 471 million yuan, up 31.52% year-on-year [4] - The company has a strong pipeline of new products, with several key titles launched or set to launch, which is expected to drive continued revenue growth [6] - Management has demonstrated confidence in the company's future by committing to not sell shares for five years and has made significant share repurchases [5] Summary by Sections Financial Performance - In Q3 2024, the company achieved a net profit of 471 million yuan, with a year-on-year growth of 31.52%, and a net operating cash flow of 309 million yuan [4] - For the first three quarters of 2024, the company reported a total revenue of 3.928 billion yuan, a 29.65% increase year-on-year, and a net profit of 1.280 billion yuan, up 18.27% year-on-year [4] Product Pipeline - The company has a rich reserve of new products, including titles like "That Time I Got Reincarnated as a Slime: New World" and "LaTale: Rainbow Orange," which are expected to enhance revenue streams [6] - Multiple new games have received approval and are set to launch, indicating a busy release schedule that could boost performance in 2024 [6] Management Confidence - The chairman and controlling shareholder have increased their holdings significantly, with a total of 12 purchases amounting to over 1.5 billion yuan since 2019, reflecting strong confidence in the company's long-term prospects [5] - A commitment was made to not reduce shareholdings for five years, further reassuring investors [5] Earnings Forecast and Valuation - The company is projected to achieve earnings per share (EPS) of 0.90 yuan, 1.07 yuan, and 1.28 yuan for 2024, 2025, and 2026 respectively, with a dynamic price-to-earnings (PE) ratio of 19-21 times for 2025 [6][11] - The estimated revenue for 2024 is 5.021 billion yuan, with a year-on-year growth of 16.9% [8]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] - The market price is reported at RMB 13.47, with a sector rating of "Outperform" [1] Core Insights - The company has shown robust revenue growth, with Q3 2024 revenue reaching RMB 1.372 billion, a year-on-year increase of 30.33%, and a net profit of RMB 471 million, up 31.52% year-on-year [3] - Several major products are in the testing phase, and the company is successfully advancing its overseas business [3] - The company has a rich pipeline of upcoming products and has made significant progress in securing IP licenses for new games [3] Financial Performance Summary - Q3 2024 revenue was RMB 1.372 billion, with a gross profit margin of 82.59%, slightly down by 1.07 percentage points year-on-year [3][4] - The sales expense ratio increased to 30.79%, while the management expense ratio decreased to 3.34% [3][4] - The company has adjusted its net profit forecasts for 2024, 2025, and 2026 to RMB 1.741 billion, RMB 2.111 billion, and RMB 2.547 billion respectively, with corresponding P/E ratios of 16.43, 13.55, and 11.23 [3][4] Product Pipeline and Market Position - The company has multiple high-profile games entering the testing phase, including "Douluo Dalu: Zhu Xie Chuan Shuo" and "Tomb Raider: Start" [3] - The company has successfully launched several games in overseas markets, achieving top rankings in app stores [3] - The company is exploring new technologies and has a strong IP reserve, including licenses for popular franchises [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][7]. Core Views - The company achieved strong performance in Q3 2024, with revenue of 3.72 billion yuan, a year-on-year increase of 30.33%, and a net profit of 471 million yuan, up 31.52% year-on-year. The growth is attributed to the stable operation of classic games and the successful launch of overseas versions of new games [1]. - The company has a rich pipeline of games, with several titles based on popular IPs expected to launch soon, which is anticipated to drive future growth [1]. - The company has established a stable dividend distribution rhythm, reflecting long-term investment value and management confidence in future development [1]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 3.928 billion yuan, a year-on-year increase of 29.65%, and a net profit of 1.280 billion yuan, up 18.27% year-on-year. The net profit after deducting non-recurring items was 1.281 billion yuan, representing a growth of 23.43% [1]. - The revenue projections for 2024 to 2026 are 5.385 billion yuan, 6.314 billion yuan, and 7.200 billion yuan, with corresponding growth rates of 25.37%, 17.25%, and 14.03% respectively. Net profits are projected to be 1.735 billion yuan, 2.064 billion yuan, and 2.322 billion yuan, with growth rates of 18.72%, 18.95%, and 12.51% respectively [3][4].

[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 恺英网络(002517)公司点评报告 2024 年 10 月 30 日 [Table_Title]Q3 业绩高增，新产品周期开启 ——恺英网络（002517）2024 年三季报点评 [Table_Summary] 事件： 公司发布 2024 年三季报。 点评： 前三季度业绩稳定高增，三季度利润端表现亮眼 2024 年前三季度，公司实现营业收入 39.28 亿元，同比增长 29.65%，归 母净利润 12.80 亿元，同比增长 18.27%，扣非归母净利润实现 12.81 亿 元，同比增长 23.43%。分季度看，24Q3 单季度公司实现营业收入 13.72 亿元，同比增长 30.33%，归母净利润 4.71 亿元，同比增长 31.52%，扣非 后归母净利润 4.80 亿元，同比增长 32.53%。费用率方面，24 年前三季度， 公司销售/研发/管理费用率分别为 35.13%/3.56%/10.16%，同比变化 +9.57/-3.25/-0.79pct，前三季度公司增加市场推广导致销售费用有所增长。 新一轮产品周期开启，储备产品及 IP 丰 ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's Q3 performance exceeded market expectations, with a net profit of 471 million yuan, representing a year-on-year growth of 31.52% [2][4]. - The company has a robust product pipeline for Q4 2024 and 2025, which is expected to support steady growth in performance [1][2]. - The target price has been raised to 17.64 yuan from the previous 13.29 yuan, based on a relative valuation of 21x PE for 2024, reflecting an overall increase in industry valuations [1][5]. Financial Summary - Revenue for 2024 is projected to be 5,435 million yuan, with a year-on-year growth of 26.5% [3]. - Net profit for 2024 is estimated at 1,810 million yuan, reflecting a growth of 23.8% [3]. - Earnings per share (EPS) for 2024 is forecasted at 0.84 yuan, consistent with previous estimates [1][3]. - The company’s net profit margin is expected to remain strong, with a projected return on equity (ROE) of 26.8% for 2024 [3]. Product Pipeline and Market Expansion - The company has accelerated its overseas expansion, with several products launched in regions outside mainland China since July 2024 [1][2]. - Upcoming product launches include titles such as "Rainbow Orange" and "Tomb Raider: Journey," which are expected to contribute to revenue in 2024 and 2025 [1][2]. Market Position - The company’s current market capitalization is approximately 28.99 billion yuan, with a share price of 13.47 yuan [6][11]. - The company’s price-to-earnings (PE) ratio for 2024 is projected at 16.02, which is competitive compared to industry peers [11].

Investment Rating - The investment rating for the company is "Buy," maintaining the previous rating of "Buy" [1]. Core Views - The company reported a revenue of 39.28 billion yuan for the first three quarters, representing a year-on-year growth of 29.65%. The net profit attributable to the parent company was 12.80 billion yuan, up 18.27% year-on-year, with a net profit margin of 32.6% [1]. - In Q3, the company achieved a revenue of 13.72 billion yuan, with a quarter-on-quarter growth of 10.0% and a year-on-year growth of 30.33%. The net profit attributable to the parent company was 4.71 billion yuan, reflecting a quarter-on-quarter increase of 22.97% and a year-on-year increase of 31.52% [1]. - The company is actively expanding its overseas business, with several new game releases achieving significant rankings in various regions [1]. Financial Summary - The total revenue for 2022 was 3,726 million yuan, with a year-on-year growth rate of 56.8%. The projected revenues for 2023, 2024, 2025, and 2026 are 4,295 million yuan, 5,275 million yuan, 6,231 million yuan, and 7,153 million yuan, respectively [2]. - The net profit attributable to the parent company for 2022 was 1,025 million yuan, with a year-on-year growth of 77.8%. The projected net profits for the following years are 1,462 million yuan in 2023, 1,746 million yuan in 2024, 2,082 million yuan in 2025, and 2,396 million yuan in 2026 [2]. - The gross profit margin for 2022 was 75.0%, with projections of 83.5% for 2023, 82.2% for 2024, 81.7% for 2025, and 81.4% for 2026 [2].

Investment Rating - Maintains a "Buy-A" rating, indicating strong confidence in the company's future performance [4] Core Views - The company achieved a total revenue of 3.928 billion yuan in the first three quarters of 2024, a year-on-year increase of 29.65%, with net profit attributable to the parent company reaching 1.28 billion yuan, up 18.27% year-on-year [1] - In Q3 2024, the company's revenue was 1.372 billion yuan, a 30.33% increase year-on-year, and net profit attributable to the parent company was 471 million yuan, up 31.52% year-on-year [1] - The company's growth is driven by a combination of nostalgic and innovative games, with multiple titles such as "Sword and Fairy: New Beginnings" and "New Heaven Sword and Dragon Saber" performing well [1] - The company is expanding its overseas business, with plans to release games like "Sword and Fairy: New Beginnings" and "Monster Alliance" in international markets [1] - R&D expenses in Q3 2024 reached 170 million yuan, a 36% increase year-on-year, reflecting the company's commitment to developing high-quality games [2] - The company has a robust pipeline of upcoming games, including "Tomb Raider: Departure" and "Douluo Continent: Legend of the Evil Slayer" [2] Financial Projections - Revenue is projected to grow from 5.389 billion yuan in 2024 to 7.519 billion yuan in 2026, with net profit attributable to the parent company expected to increase from 1.919 billion yuan in 2024 to 2.936 billion yuan in 2026 [3] - EPS is forecasted to rise from 0.89 yuan in 2024 to 1.36 yuan in 2026, with P/E ratios decreasing from 27.5 in 2024 to 23.9 in 2026 [3] - The company's gross margin is expected to remain stable at around 80.6% to 80.7% from 2024 to 2026 [3] - ROE is projected to decline slightly from 27.5% in 2024 to 23.9% in 2026, reflecting the company's continued profitability [3] Market Performance - The company's stock price as of October 29, 2024, was 13.47 yuan, with a total market capitalization of 28.994 billion yuan [4] - Over the past 12 months, the stock has shown a relative return of 23.07% and an absolute return of 33.24% [5] Business Strategy - The company focuses on a dual strategy of "nostalgic + innovative" games, broadening its competitive advantage beyond the legendary game genre [2] - The company is actively developing its game community platforms, such as the 996 Game Box and Cangyue Island, which contribute to advertising revenue and information services [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3Q24 at 3.72 billion yuan, representing a year-over-year increase of 30.33% [1] - The net profit attributable to the parent company for the first three quarters of 2024 was 1.28 billion yuan, up 18.27% year-over-year [1] - The company has a strong IP portfolio, including popular titles in the anime and traditional culture sectors, which supports its game development and innovation [1] - The company has a rich pipeline of new games, with several titles receiving approval for release, which is expected to drive further revenue growth [1] Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 3.928 billion yuan, a year-over-year increase of 29.65% [2] - The net profit attributable to the parent company for the same period was 1.28 billion yuan, reflecting an 18.27% year-over-year growth [2] - The gross margin for 3Q24 was 82.6%, a slight decrease of 1.1 percentage points year-over-year but an increase of 0.6 percentage points quarter-over-quarter [1] - The net profit margin for 3Q24 was 34.3%, an increase of 0.3 percentage points year-over-year and 3.6 percentage points quarter-over-quarter [1] Future Projections - The company is projected to achieve net profits of 1.861 billion yuan, 2.271 billion yuan, and 2.507 billion yuan for the years 2024, 2025, and 2026, respectively, with year-over-year growth rates of 27.3%, 22.0%, and 10.4% [1][2] - The expected P/E ratios for 2024, 2025, and 2026 are 15.6, 12.8, and 11.6, respectively [1][2] Cost Management - The company has effectively controlled costs, leading to profit release, with a sales expense ratio of 30.8% in 3Q24, an increase of 1.8 percentage points year-over-year but a decrease of 7.0 percentage points quarter-over-quarter [1] - The management expense ratio decreased to 3.3%, down 2.7 percentage points year-over-year, primarily due to reduced expenses related to employee stock ownership plans [1]

相对沪深 300 表现 2024/10/29 总市值（百万） 28,994.41 日均成交额（百万） 1,334.35 2024 年 10 月 30 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 谭瑞峤 S0350521120004 tanrq@ghzq.com.cn [Table_Title] 2024Q3 业绩高增，新品储备丰富，有望开启增 长新周期 ——恺英网络（002517）2024 年三季报点评 文，谭瑞峤》——2024-09-06 事件: 最近一年走势 2024 年 10 月 28 日，公司发布 2024 年第三季度报告，2024 年 Q3 公司 实现营业收入 13.72 亿元，yoy+30.33%，归母净利润 4.71 亿元， yoy+31.52%，扣非归母净利润 4.80 亿元，yoy+32.53%。 投资要点: 2024Q3 业绩增长亮眼。 表现 1M 3M 12M （1）2024 年 Q3 公司实现营业收入 13.72 亿元，yoy+30.33%，归母净 利 润 4.71 亿 元 ， yo ...